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Novo Nordisk on Thursday raised both its full year sales and operational profit guidance for the year, after reporting booming sales of its blockbuster diabetes and weight loss drugs Ozempic and Wegovy in the first quarter.
“We are pleased with the sales growth in the first three months of 2024, driven by increased demand for our GLP-1-based diabetes and obesity treatments,” Novo Nordisk CEO Lars Fruergaard Jørgensen said in a statement.
Sales of the Danish pharma giant’s diabetes and obesity drugs grew 25% year over year to 60.9 billion Danish Krone ($8.7 billion) in the first quarter of 2024. That rise was higher for Wegovy in particular: sales of the drug more than doubled year over year, according to the company. Sales of Wegovy alone skyrocketed 106% to 9.4 billion Danish krone ($1.3 billion), 4.6 billion Danish Krone ($654 million). Thanks to the sales, Novo Nordisk is raising its outlook for the year.
The company raised its sales outlook to between 19% and 27%, from a previous projection of between 18% and 26%. It also raised operational profit from to between 22% and 30%, from between 21% and 29%.
This all comes as the company is still dealing with an ongoing shortage of Wegovy. Novo Nordisk has been limiting starter doses of Wegovy in the United States since last May to ensure there’s enough supply for patients already on the drug. The company said today that it has started to release more starter doses this year, leading to Wegovy reaching more than 25,000 new-to-brand weekly prescriptions.
“While we continue to gradually increase the overall supply throughout the rest of 2024, our primary focus remains on ensuring continuity of care for patients who have already initiated treatment,” said Novo Nordisk executive vice president of North America operations Doug Lang in a call with investors.
Novo Nordisk’s first quarter, by the digits
28%: How much Novo Nordisk’s net income rose in the three months ending March 31, to 25.4 billion Danish krone ($3.6 billion), from 19.8 billion Danish krone ($2.8 billion) in the same period last year.
22%: How much the company’s total sales rose year over year in its first quarter, from to 53.4 billion Danish krone ($7.7 billion) to 65.3 billion Danish krone ($9.4 billion)
$0.81: Novo Nordisk’s earnings per share, beating analysts’ estimates of $0.75, according to FactSet.
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